Input:
Explanation:
Home Price $
The median
home price in San Francisco in April 2005 was $770,000 according to the San Francisco Chronicle.
(Median means that half the homes
sold for less, and half for more.)
Down Payment
Note that a larger down payment
can save you more than interest. It also affects the amount of private
mortgage insurance (PMI) you may have to pay (see below).
Interest Rate
You can find current interest
rates all over the place, including
here
The calculator assumes a fixed-rate loan.
Loan Term
Most home loans are for 30
years.
The average homeowner's
insurance rate in CA is supposed to be about 37 percent of property value (but in my experience it's lower). I got that
number mainly from
this
government site. (A list of ways to lower your insurance costs can be
found
here.)
Private Mortgage Insurance Rate The calculator will estimate this for you unless you check
Private mortgage insurance is
usually required when your down payment is less than 20%. The percentage
varies with the amount down. My numbers come from
here . PMI
isn't tax-deductible.
Property Tax Rate (Annual)
Current San Francisco property
tax rates can be found
here.
Loan Points
Points (fees paid to a lender)
vary. If you know of a good source of general information about loan
points, please drop me a line and
I'll add a link.
Other Closing Costs
Again, these vary. Let me know
if you have a good source of detailed information on closing costs, and
I'll add it.
Loan Amount $
Down Payment $
Non-Deductible Payments: (Partially) Deductible Payments:
Average Monthly
Payment (Before Tax Deductions)
Total Paid Towards Principal During First Year (not counting down payment)
PMI and homeowner's insurance aren't
tax-deductible for a property you live in, but (as I understand
things) they are deductible for a property you own and rent out.
Mortgage interest and property taxes are
deductible, in every case that I know about. (You do
remember that I'm not a tax expert, right?) Your out-of-pocket expenses will rise after the
first year, because less of your mortgage payment will go towards
interest. This means a smaller deduction. Some up-front costs (like points) are
tax-deductible in many cases.
Estimated Up-Front Costs
(Downpayment, Loan Fees, Closing Costs)